GoTo-A Merger of Indonesian Digital Giants

GoTo-A Merger of Indonesian Digital Giants
Case Code: BSTR653
Case Length: 12 Pages
Period: 2016-22
Pub Date: 2023
Teaching Note: Available
Price: Rs.400
Organization : PT GoTo Gojek Tokopedia Tbk
Industry : e-commerce
Countries : Indonesia
Themes: Strategic Alliances, Business Environment
GoTo-A Merger of Indonesian Digital Giants
Abstract Case Intro 1 Case Intro 2 Excerpts


On May 17, 2021, PT Gojek Indonesia and PT Tokopedia, two Indonesian Digital giants operating in the segment of online ride-hailing services and e-commerce business respectively, decided to merge. The merger was considered to be a landmark as it resulted in two digital services companies collaborating for the first time in the history of Indonesia.

The combined entity called GoTo, went in for an Initial Public Offering (IPO) in April 2022. The response to the IPO was positive with a large number of retail and institutional investors showing an interest in investing in the company. This was considered to be a positive sign for the company as the IPOs of its competitors, Sea Limited and Grab Holdings Inc, had received a lukewarm response.

However, GoTo reported a net loss of US$ 444 million for the quarter ending on March 31, 2022, and the stock price went down to IDR 302 from the listed price of IDR 338. GoTo needed to sustain the confidence of investors amidst growing inflation and interest rates in the country, and growing competition.

In this context, the present case study can be helpful in understanding the role of technology in the socio-economic development of a country, the business model of super apps, marketing challenges faced by technology startups, the financial risks associated with investment in technology startups, and the scalability and expansion challenges of the technology startups.


The case is structured to achieve the following teaching objectives:

  • Understand the role of technology in the socio-economic development of a country.
  • Understand the business model of super app service providers.
  • Discuss business growth strategies of technology startup companies.
  • Examine the financial challenges associated with investments in technology startup companies.
  • Analyze the sustainability challenges of technology startup companies.



PT Gojek Indonesia; PT Tokopedia; GoTo; Digital Economy; Mobile Applications; Web Applications; Super Apps; Sea Limited; Grab Holdings Limited; Indonesia; South East Asia; Technology Startups; E-Commerce; Ride-Hailing Services; strategic alliance; merger

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